Implats’ Mineral Resources and Mineral Reserves reflect the
group’s future opportunities and potential. The group is
accordingly fully committed to the following:

growing the mineral resource base by optimising current
assets, exploration and acquisitions, including alliances and
equity interests with third parties;

complying with the legislative regime that governs mineral
rights ownership;

transparent disclosure of Mineral Resources and Mineral
Reserves aligned with the prescribed codes, SAMREC and
JORC; and

continuous improvement in mineral resource management
systems.

The mining operations of Implats and its associated companies
exploit platiniferous horizons within the two largest known deposits of platinum group metals (PGMs) in the world, namely
the Great Dyke in Zimbabwe and the Bushveld Complex in
South Africa. Mining mostly takes place as underground
operations, focusing on relatively narrow mineralised channels
with specific methods adapted to suit the local geology and
morphology of the mineralised horizon. Underground stoping in
the Great Dyke currently consists of mechanised or semi-mechanised
bord-and-pillar layouts. Within the Bushveld
Complex, mechanised mining is being used at Two Rivers and
only in limited areas at Impala Platinum’s mining operations.
The mining method at Marula Platinum is being converted from
mechanised layouts to conventional breast mining. The bulk of
the mining at Impala Platinum is conventional breast mining with
limited opencast mining taking place at outcrop. Opencast
mining at Zimplats continues although this will decline over the
next few years.

Regulatory compliance

The reporting of Mineral Resources and Mineral Reserves for
Implats’ South African operations is done in accordance with the
principles and guidelines of the South African Code for Reporting
of Mineral Resources and Mineral Reserves (SAMREC Code).
(See Glossary of terms).

Zimplats, as an Australian Stock Exchange-listed company,
reports its Ore Reserves and Mineral Resources in accordance
with the Australasian Code for Reporting of Mineral Resources
and Ore Reserves (JORC Code). Mimosa Investments Limited, a
Mauritius-based company, does not fall under any regulatory
reporting code but has adopted the JORC Code for its reporting.
Various Competent Persons, as defined by the SAMREC and
JORC codes, have prepared the Mineral Reserve and Mineral
Resource figures quoted in this report. They were reviewed and
signed off by the Implats’ signatory below:

JJ VermaakPr.Sci.Nat. (Consulting Geologist, Impala Platinum)

The Competent Person has 20 years’ experience in the evaluation and
exploitation of PGM deposits.

Additional compliance:

the Competent Persons for Two Rivers’ Mineral Resources
and Reserves are Messrs PJ van der Merwe, M Mabuza
and A Durrant, full-time employees of ARM;

the Competent Persons for Zimplats are Messrs A du Toit
and S Simango, full-time employees of Zimplats;

the Competent Person for Mimosa is Mr D Mapundu, full
time employee of Mimosa;

Implats has obtained written consent from ARM that the
information disclosed pertaining to their Mineral Resources
and Mineral Reserves is compliant with the SAMREC Code
and can be published in this form;

Implats has legal entitlement to the mining of minerals being
reported upon without any known impediments; and

reporting of the Mineral Resources and Mineral Reserves
for Impala and Marula is quoted both inclusively and
exclusively. This is for more direct comparisons with
companies that subscribe to the inclusive form of reporting.
Inclusive reporting implies that Mineral Reserves are
included in Mineral Resources, whereas exclusive reporting
means that Mineral Reserves are not included in Mineral
Resources.

The Great Dyke

The Great Dyke is a 2.5 billion-year old layered mafic-ultramafic
complex that transects the Archaean Zimbabwean Craton in a
NNE-trending direction.

The Dyke is highly elongated, slightly sinuous, 550 kilometres
long, with a maximum width of 12 kilometres. It is divided into two
major successions, a lower ultramafic sequence dominated from
the base upwards by cyclic repetitions of dunite, harzburgite and
bronzitite, and an upper mafic sequence consisting mainly of
gabbro and gabbronorite. Much of the mafic sequence has been
removed by erosion. The ultramafic sequence hosts the P1
pyroxenite, directly below the mafic-ultramafic contact, which in
turn hosts the economic PGM-bearing Main Sulphide Zone (MSZ).
The MSZ is a lithologically continuous layer between 2 and 10
metres thick that forms an elongated basin. Layers of igneous rocks
within the basin dip at between 5° and 20° near the margins and
flatten out near the centre to form a flat-lying floor. The MSZ
typically contains iron-nickel-copper sulphides whilst elevated
precious metal concentrations occur towards the base of the MSZ.
Optimal mineralisation varies and is often difficult to follow
visually, in contrast to the Bushveld Complex. Peak values for the
PGM and base metals are commonly offset, while the proportions
between platinum and palladium also vary vertically. The Dyke
developed as a series of initially discrete magma chamber
compartments, which joined up as the chambers filled. These
chambers coalesced below the MSZ and before erosion, the MSZ
would have been continuous along the length of the Dyke. In its present plane of erosion, the Great Dyke is longitudinally
subdivided into a series of narrow contiguous layered complexes
or chambers, namely Musengezi, Hartley, Selukwe and Wedza.
The Hartley Complex straddles two sub-chambers, Darwendale
and Sebakwe.

The Bushveld Complex

The Bushveld Complex is an extremely large, 2 billion year-old
layered igneous intrusion occurring within the boundaries of
South Africa. Although it shares many characteristics with other
layered complexes around the world, the Bushveld Complex is
unique both in its size, covering an aerial extent of some 66,000
square kilometres, and in the economic importance of its mineral
deposits. It is generally understood that the Bushveld Complex
was formed by the repeated injection of magma into a subvolcanic
chamber. Due to the huge volumes of magma involved,
cooling and crystallisation were slow processes. Different
minerals were formed as the magma cooled; these accumulated
into sub-horizontal layers building from the base of the chamber.
Such processes were repeated by the intermittent replenishment of
magma thus producing a repetition of the mineral layering. The
complex comprises an array of diverse igneous rocks ranging in
composition from ultramafic to felsic. Contained within a well-layered
ultramafic to mafic succession, called the Rustenburg
Layered Suite, are two horizons which host economically
exploitable quantities of PGMs, namely the Merensky Reef and
the underlying UG2 Chromitite Layer. These two economic
horizons can be traced for hundreds of kilometres around the complex and are the focus of Implats’ operations in which the
PGMs platinum, palladium, rhodium, ruthenium and iridium are
recovered together with quantities of gold, nickel, copper and
cobalt. Implats’ operations here comprise Impala Platinum
Limited, located near Rustenburg in North West Province, and
Marula Platinum situated near Burgersfort in the province of
Limpopo. The Two Rivers mine, a joint venture between Implats
and African Rainbow Minerals (ARM), is located south of
Burgersfort in the province of Mpumalanga.

The Merensky Reef is generally composed of a feldspathic
pyroxenite hangingwall, overlying a basal chromitite unit,
followed by an anorthosite to anorthositic-norite footwall. The
Merensky Reef Zone at Impala Platinum’s mining operations
displays a gradational mineralised zone, with grades decreasing
from the Merensky chromitite unit into the footwall and
hangingwall. The UG2 Reef is defined as a main chrome unit
with the mineralisation wholly contained within this unit.

Material changes in Mineral Resource and Reserve estimates

Material and significant issues affecting the Mineral Resource
and Mineral Reserve estimates as at 30 June 2006 relative to the
previous reporting period are related to the agreement between
Zimplats and the Government of Zimbabwe announced on
31 May 2006, whereby some 36% of the Mineral Resource
base would be transferred to the state. Other than that, there
have been no material changes in Implats’ resource base.

Impala Platinum

Impala Platinum holds contiguous old order mining and
prospecting rights for a total area of 27,573 hectares. The
Mineral Resources and Mineral Reserves quoted are held under
four old order mining rights and two old order prospecting rights
as well as an unused old order right. The application for
conversion of these to new order mineral rights was submitted in
March 2005 but had not been granted by 30 June 2006.

Impala PlatinumMerensky metals split

Impala PlatinumUG2 metals split

Impala Platinum

Mineral Resources (exclusive)

as at 30 June 2006

as at 30 June 2005

Channel

Grade (g/t)

Channel

Grade (g/t)

tonnes

5 PGE

Pt oz

tonnes

5 PGE

Pt oz

Orebody

Category

(millions)

& Au

(millions)

(millions)

& Au

(millions)

Merensky

Measured

32.0

7.29

4.3

34.4

7.47

4.7

Indicated

76.4

7.38

10.3

84.7

7.48

11.7

Inferred

76.3

7.83

10.9

75.4

7.83

10.9

UG2

Measured

23.7

9.11

3.3

14.4

8.79

1.9

Indicated

98.8

8.92

13.5

96.2

9.13

13.4

Inferred

60.8

9.24

8.6

62.9

9.25

8.9

Total

368.0

8.30

50.9

368.0

8.34

51.5

Mineral Reserves

as at 30 June 2006

as at 30 June 2005

Mill

Grade (g/t)

Mill

Grade (g/t)

tonnes

5 PGE

Pt oz

tonnes

5 PGE

Pt oz

Orebody

Category

(millions)

& Au

(millions)

(millions)

& Au

(millions)

Merensky

Proved

24.6

4.76

2.1

24.3

4.88

2.2

Probable

109.9

4.72

9.5

110.8

4.81

9.8

UG2

Proved

23.9

5.07

1.9

21.2

5.13

1.7

Probable

105.5

5.02

8.2

110.1

5.09

8.5

Total

264.0

4.88

21.6

266.4

4.96

22.2

Mineral Resources (exclusive)

as at 30 June 2006

as at 30 June 2005

Channel

Channel

Tonnes

Pt grade

Pt oz

Tonnes

Pt grade

Pt oz

Orebody

Category

(millions)

(g/t)

(millions)

(millions)

(g/t)

(millions)

1&2 Tailings

complex

Indicated

48.1

0.42

0.6

48.1

0.42

0.6

Notes

Mineral Resources are stated in both the exclusive and
inclusive form to facilitate comparisons with companies
reporting solely inclusive Mineral Resources. A direct
comparison of tonnes and grade is not possible between
the two forms owing to the mixing of channel and mill
figures.

The modifying factors used to convert a Mineral Resource to
a Mineral Reserve are derived from historical figures using
an in-house mineral resource management system. This
system is able to provide dilution factors that are applied to
the in situ estimates to yield the final product delivered to
the mill.

The Mineral Reserves quoted reflect the grade delivered to
the mill rather than an in situ channel grade quoted in
respect of Mineral Resources.

The 30-year mine plan for Impala Platinum comprises
approximately 48% Mineral Reserves and 52% Mineral
Resources. Some 11% of the 30-year mine plan is derived
from the Inferred Mineral Resources. It should also be noted
that 6% of the 30-year mine plan is derived from prospecting
areas, with close to 11% of the life-of-mine being derived
from prospecting areas.

Rounding-off of numbers may result in minor computational
discrepancies.

Zimplats

ZimplatsMSZ metals split

Following extensive negotiations, Zimplats signed
an agreement with the government of Zimbabwe
relating to the release of a portion of its mining
claims in exchange for a combination of
empowerment credits and cash. In addition, the
agreement ensures that the ground required for long-term
expansion is secured under the special mining
lease regime. In terms of this agreement, Zimplats
will release claims amounting to 36% of the
company’s resource base on the Great Dyke in
Zimbabwe. The contained metal in the ground to be
released is estimated at some 51 million ounces of
platinum or 99 million ounces 4E (platinum,
palladium, rhodium and gold).

The released ground is outside of Zimplats’ long-term
expansion programme of 1 million platinum
ounces per annum over a 50-year life-of-mine.

Resources have been estimated using floating average and
kriging techniques on data derived from surface diamond
drill holes. Estimates are based on composite widths that
vary depending on cut-off grades, which are based on
appropriate economic conditions.

In addition to a pre-feasibility study on Portals 1-10, SRK
Consulting carried out an external review of platinum
Mineral Resource and Ore Reserve estimation and reporting practices in September 2004 which was updated in July
2005. SRK concluded that Mineral Resource estimates are
valid and that within the limitations of the data, the results
appear meaningful. SRK completed feasibility studies on
Portals 1 and 4 during 2006 which led to the board
decision to develop these portals.

The Mineral Resources and Ore Reserves quoted indicate
the result of the transaction with the Zimbabwean
government.

Rounding-off of numbers may result in minor computational
discrepancies.

Marula Platinum

Marula Platinum holds old order mining rights on the farms
Winnaarshoek 250KT, Clapham 118KT, and portions of the
farms Driekop 253KT and Forest Hill 117KT, comprising
2,765 hectares. These Mineral Resources and Mineral Reserves
are held under two old order mining licences; the application for
conversion of these to new order mining rights was submitted in October 2004 and was still pending at year-end. The new
order prospecting right for the contiguous Hackney area was
also submitted but is still outstanding. In line with the equity
ownership requirements of the Mining Charter, Implats entered
into transactions that ensure BEE ownership in Marula Platinum
of 22.5%.

Notes

Mineral Reserves quoted reflect the grade delivered to
the mill rather than an in situ channel grade quoted in
respect of the Mineral Resources.

The modifying factors used in the UG2 mineral reserve
calculation are based on the revised mine plan which
envisages hybrid and conventional breast mining
operations.

Estimated geological losses have been accounted for in
the mineral resource calculations.

Estimated pillar losses have not been accounted for in
the mineral resource calculations.

The UG2 mineral resource merely accounts for the
UG2 Chromitite Layer while the Merensky Reef
mineral resource is based on a minimum width of
80 centimetres.

Grade estimates were obtained by means of co-kriging
of UG2 and ordinary kriging of Merensky Reef
borehole intersections.

Changes in the UG2 estimates since last year reflect
revisions of anticipated geological, boundary and pillar
losses as well as depletions.

Rounding-off of numbers may result in minor
computational discrepancies.

Mimosa

MimosaSouth Hill MSZ metals split

The Mimosa lease encompasses four areas: North Hill, South
Hill, Mtshingwe Block and Far South Hill, separated by major
faults, covering an area of 6,590 hectares. As at 30 June 2006
Implats owned a 50% shareholding in Mimosa Investments
Limited (with Aquarius Platinum Limited owning the other 50%).

Notes

The figures quoted refer to the total Mineral Resource and
Ore Reserve for North and South Hill.

Mineral Resources are quoted before accounting for
anticipated pillar losses.

Compared to previous published figures, the material
differences are:

Additional exploration at North Hill has resulted in a
restatement of the Inferred Mineral Resource which has
increased both in volume and content.

The Mineral Reserve has been restated as mining is
presently being undertaken at an average width of
1.91 metres with four semi-mechanised sections mining
at 1.8 metres and six mechanised sections mining at
1.95 metres.

The Proved Mineral Reserve increased owing to
additional drilling in the northern portion of the Blore
Shaft block.

Rounding-off of numbers may result in minor computational
discrepancies.

Two Rivers

Two Rivers Platinum Mine is a 55:45 joint venture between African Rainbow Minerals and Implats respectively. It is situated on the farm
Dwarsrivier 372KT, in the southern sector of the eastern limb of the Bushveld Complex. Mining operations are focussed on the
UG2 horizon.

Notes

Mineral Resources are quoted inclusive of Mineral Reserves.

The figures quoted refer to the total Mineral Resource and
Mineral Reserve of Two Rivers Platinum Limited at 30 June
2006.

The modifying factors used in the UG2 Mineral Reserve
calculations are based on mechanised room and pillar
mining operations. Estimated geological losses, rock
engineering pillars and rock engineering losses due to
geological features have been accounted for in the Mineral
Resource calculations.

Grade estimates were obtained by means of ordinary
kriging of UG2 and Merensky Reef borehole intersections.

The Mineral Reserves quoted include the North Open Pit
and the tonnes mined during the trial mining that have been
stock piled.

Trial mining has resulted in a stockpile which contains
1 million tonnes of ore.

More details regarding Mineral Resources and Mineral
Reserves can be obtained in the 2006 ARM Annual Report.

Rounding-off of numbers may result in minor computational
discrepancies.

Two Rivers

Mineral Resources (inclusive)

as at 30 June 2006

as at 30 June 2005

Channel

Grade (g/t)

Channel

Grade (g/t)

tonnes

3 PGE

Pt oz

tonnes

3 PGE

Pt oz

Orebody

Category

(millions)

& Au

(millions)

(millions)

& Au

(millions)

Merensky

Indicated

18.7

3.34

1.2

18.7

3.34

1.2

Inferred

3.9

3.16

0.2

3.9

3.16

0.2

UG2

Measured

13.1

5.17

1.2

13.1

5.17

1.2

Indicated

46.2

3.70

2.9

46.2

3.70

2.9

Total

81.9

3.83

5.5

81.9

3.83

5.5

Mineral Reserves

as at 30 June 2006

as at 30 June 2005

Mill

Grade (g/t)

Mill

Grade (g/t)

tonnes

3 PGE

Pt oz

tonnes

3 PGE

Pt oz

Orebody

Category

(millions)

& Au

(millions)

(millions)

& Au

(millions)

UG2

Proved

9.5

3.60

0.6

10.5

3.59

0.7

Proved (stockpile)

1.0

3.60

0.1

Probable

29.8

3.44

1.7

29.8

3.44

1.7

Total

40.3

3.48

2.4

40.3

3.48

2.4

Two RiversUG2 metals split

Aquarius Platinum

As at 30 June 2006, Implats held a 20% equity interest in Aquarius
Platinum South Africa (AQPSA). In addition, there is an off-take
agreement with IRS for the treatment of platinum concentrate.
Implats also owns a 8.6% interest in Aquarius Platinum Limited, the holding company of AQPSA. The annual Mineral Resource and
Mineral Reserve statement for AQPSA was not finalised in time for
inclusion in this report. Information on this can be obtained from
Aquarius Platinum Limited’s 2006 annual report.

Total attributable ounces

The table below summarises the total platinum ounces sourced from all categories of Mineral Resources of the Implats group of companies.

Consolidated – Resources and Reserves (million ounces of platinum) as at 30 June 2006